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(Tech Times)   Crypto exec predicts the collapse of the entire Ponzi-scheme market. That's a bold strategy, Cotton. Let's see how it plays out for him   (techtimes.com) divider line
    More: Obvious, U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, Futures contract, Palantir software co-founder Joe Lonsdale, United States Senate, international money exchange, cryptocurrencybusinesses, Ponzi scheme-like fashion  
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3721 clicks; posted to Main » on 04 Dec 2022 at 12:51 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-12-04 9:39:17 AM  
Probably about as well as it's worked the other million times someone has correctly labeled the "crypto market" as exactly this.

The problem is that the people most invested in the crypto market, both financially and emotionally, are people who are also deeply, deeply invested in the idea that they are smarter than everyone else. Therefore, it's impossible, in their minds, that they could have ever been a sucker or a mark. They just need to stay firm in their resolve and it will all turn out fine in the end. This is, in fact, the one characteristic any con man looks for in any mark -- someone too prideful to believe they could ever be one.

It's actually not a problem, in this regard. At this point, after all the obvious warnings, it's more of an enjoyable bit of theater to watch from the side.
 
2022-12-04 10:13:20 AM  
If new money stops falling for the scam, it immediately collapses.
 
2022-12-04 11:25:04 AM  
The crypto/web3 market: "if you sell to two people, and they each sell to two people..." found a way to miraculously go 23 levels deep.  Good luck on level 24!
 
2022-12-04 12:38:19 PM  
media.tenor.comView Full Size
 
2022-12-04 12:56:00 PM  
Very punch-able face detected...

1734811051.rsc.cdn77.orgView Full Size
 
2022-12-04 12:57:53 PM  
Is this where the investors start screaming at noobs to "BUY THE DIP!" in an effort to salvage their investments?
 
2022-12-04 12:59:20 PM  
dnrtfa but i thought palantir was some creepy surveilance/data mining company?
 
2022-12-04 12:59:29 PM  

FormlessOne: Is this where the investors start screaming at noobs to "BUY THE DIP!" in an effort to salvage their investments?


My dad says an old TV financial reporter used to call it "catching falling knives."
 
2022-12-04 1:00:18 PM  
I really don't know shiate about crypto but isn't it a string of binary numbers people find on the internet? If this is so doesn't someone have to create those binary numbers and what is the entity that creates the crypto to be mined?
 
2022-12-04 1:00:20 PM  
It has been a sad journey watching the HODL folks gently transition to SOS, then OOL.
 
2022-12-04 1:02:07 PM  
This is just the long-prophesied Great Sorting, amid the turmoil of which the Grifters shall be separated from the Grifted and ascend to a higher plane of existence.

/Presumably "private islands" or, less likely, "prison."
 
2022-12-04 1:02:16 PM  

Pocket Ninja: Probably about as well as it's worked the other million times someone has correctly labeled the "crypto market" as exactly this.

The problem is that the people most invested in the crypto market, both financially and emotionally, are people who are also deeply, deeply invested in the idea that they are smarter than everyone else. Therefore, it's impossible, in their minds, that they could have ever been a sucker or a mark. They just need to stay firm in their resolve and it will all turn out fine in the end. This is, in fact, the one characteristic any con man looks for in any mark -- someone too prideful to believe they could ever be one.

It's actually not a problem, in this regard. At this point, after all the obvious warnings, it's more of an enjoyable bit of theater to watch from the side.


I came to say exactly this. A fool and his money are prime marks.
 
2022-12-04 1:02:33 PM  

flappy_penguin: dnrtfa but i thought palantir was some creepy surveilance/data mining company?


It's folly to invest in Palantir with the Ithil-stone unaccounted for.
 
2022-12-04 1:03:00 PM  

flappy_penguin: dnrtfa but i thought palantir was some creepy surveilance/data mining company?


It is. They've managed to make a huge business out of selling smoke, excuse me, "big data," so they're very good at spotting other smoke vendors.
 
2022-12-04 1:03:48 PM  

Somaticasual: It has been a sad journey watching the HODL folks gently transition to SOS, then OOL.


Did you run out of popcorn? That would make my journey sad as well.
 
2022-12-04 1:03:50 PM  

downstairs: The crypto/web3 market: "if you sell to two people, and they each sell to two people..." found a way to miraculously go 23 levels deep.  Good luck on level 24!


That's why Elon wants everyone to have 10 kids.
 
2022-12-04 1:04:59 PM  
My god, are we finally getting video cards again?
 
2022-12-04 1:06:36 PM  
So he's saying someone else is about to take the "money" and run, and therefore someone else is going to have to pony up. Again.
 
2022-12-04 1:11:41 PM  
1734811051.rsc.cdn77.orgView Full Size


That's a face you just want to punch
 
2022-12-04 1:11:46 PM  
images.paramount.techView Full Size
 
2022-12-04 1:12:06 PM  
Once they purge all the scams out of the crypto market, shrewd crypto investors like me will finally be left with
 
2022-12-04 1:12:10 PM  
Still kills me that Jay-Z and Jerry Dorsey were teaming up to 'teach' crypto investing to underprivileged black and brown kids in Brooklyn. What a couple of vultures.
 
2022-12-04 1:13:10 PM  

Pocket Ninja: Probably about as well as it's worked the other million times someone has correctly labeled the "crypto market" as exactly this.

The problem is that the people most invested in the crypto market, both financially and emotionally, are people who are also deeply, deeply invested in the idea that they are smarter than everyone else. Therefore, it's impossible, in their minds, that they could have ever been a sucker or a mark. They just need to stay firm in their resolve and it will all turn out fine in the end. This is, in fact, the one characteristic any con man looks for in any mark -- someone too prideful to believe they could ever be one.

It's actually not a problem, in this regard. At this point, after all the obvious warnings, it's more of an enjoyable bit of theater to watch from the side.


So a lot of MAGAts are about to lose even more money?
 
2022-12-04 1:14:04 PM  
What a real crypto market correction would look like:

Fark user image
 
2022-12-04 1:16:26 PM  

flappy_penguin: dnrtfa but i thought palantir was some creepy surveilance/data mining company?


I thought it was a painful wart on one's foot.  Maybe we're both right.
 
2022-12-04 1:17:24 PM  
Notice the shape of their hats?
tse2.mm.bing.netView Full Size
 
2022-12-04 1:18:27 PM  

Pocket Ninja: Probably about as well as it's worked the other million times someone has correctly labeled the "crypto market" as exactly this.

The problem is that the people most invested in the crypto market, both financially and emotionally, are people who are also deeply, deeply invested in the idea that they are smarter than everyone else. Therefore, it's impossible, in their minds, that they could have ever been a sucker or a mark. They just need to stay firm in their resolve and it will all turn out fine in the end. This is, in fact, the one characteristic any con man looks for in any mark -- someone too prideful to believe they could ever be one.

It's actually not a problem, in this regard. At this point, after all the obvious warnings, it's more of an enjoyable bit of theater to watch from the side.


It's a bit more involved than a simple con.  Crypto-culture aggressively cultifies not backing out or questioning "the process".  Something like the Nigerian prince scheme seeks out stone morons (the pitch emails are intentionally that bad to filter out anyone with any higher brain functions).  Crypto pulls in the stone morons, but also brings in the somewhat touched, so it can hard-sell them into becoming stone morons.  It's more like Scientology, where they are willing to invest some time and effort with the lure in order to get long-term slavery.  Nigerian princes are just grabbing flatline droolers for a quick buck and then moving on.  Crypto wants people with some ability to keep producing cash over the medium term.  The only way to get anything out of crypto is to sell it to some new idiot or a cultivated current idiot.  If they are dead broke out of the gate, you can't pull enough money out of them to move on yourself.  But, if they get committed and still retain enough of a frontal cortex to generate money out in the real world on their own, then they can pump more back into your bank account.
 
2022-12-04 1:18:45 PM  

yellowjester: Very punch-able face detected...[1734811051.rsc.cdn77.org image 600x400]


Iceman?
 
2022-12-04 1:20:06 PM  

Bondith: flappy_penguin: dnrtfa but i thought palantir was some creepy surveilance/data mining company?

It's folly to invest in Palantir with the Ithil-stone unaccounted for.


Did they ever find that missing one?
 
2022-12-04 1:22:05 PM  
Will & Grace: Told Ya So Dance.
Youtube xt6Tsc98EK8
 
2022-12-04 1:23:23 PM  

Pocket Ninja: Probably about as well as it's worked the other million times someone has correctly labeled the "crypto market" as exactly this.

The problem is that the people most invested in the crypto market, both financially and emotionally, are people who are also deeply, deeply invested in the idea that they are smarter than everyone else. Therefore, it's impossible, in their minds, that they could have ever been a sucker or a mark. They just need to stay firm in their resolve and it will all turn out fine in the end. This is, in fact, the one characteristic any con man looks for in any mark -- someone too prideful to believe they could ever be one.

It's actually not a problem, in this regard. At this point, after all the obvious warnings, it's more of an enjoyable bit of theater to watch from the side.


Yup
 
2022-12-04 1:25:04 PM  

phalamir: Pocket Ninja: Probably about as well as it's worked the other million times someone has correctly labeled the "crypto market" as exactly this.

The problem is that the people most invested in the crypto market, both financially and emotionally, are people who are also deeply, deeply invested in the idea that they are smarter than everyone else. Therefore, it's impossible, in their minds, that they could have ever been a sucker or a mark. They just need to stay firm in their resolve and it will all turn out fine in the end. This is, in fact, the one characteristic any con man looks for in any mark -- someone too prideful to believe they could ever be one.

It's actually not a problem, in this regard. At this point, after all the obvious warnings, it's more of an enjoyable bit of theater to watch from the side.

It's a bit more involved than a simple con.  Crypto-culture aggressively cultifies not backing out or questioning "the process".  Something like the Nigerian prince scheme seeks out stone morons (the pitch emails are intentionally that bad to filter out anyone with any higher brain functions).  Crypto pulls in the stone morons, but also brings in the somewhat touched, so it can hard-sell them into becoming stone morons.  It's more like Scientology, where they are willing to invest some time and effort with the lure in order to get long-term slavery.  Nigerian princes are just grabbing flatline droolers for a quick buck and then moving on.  Crypto wants people with some ability to keep producing cash over the medium term.  The only way to get anything out of crypto is to sell it to some new idiot or a cultivated current idiot.  If they are dead broke out of the gate, you can't pull enough money out of them to move on yourself.  But, if they get committed and still retain enough of a frontal cortex to generate money out in the real world on their own, then they can pump more back into your bank account.


You just over-described a simple pyramid-type con. High-tech flatline droolers who think they're too smart to be fooled.
/how much did YOU lose?
 
2022-12-04 1:27:28 PM  

Klom Dark: Bondith: flappy_penguin: dnrtfa but i thought palantir was some creepy surveilance/data mining company?

It's folly to invest in Palantir with the Ithil-stone unaccounted for.

Did they ever find that missing one?


Pippin did, inadvertently.  Or at least he found out where it was.
 
2022-12-04 1:33:35 PM  

NewportBarGuy: If new money stops falling for the scam, it immediately collapses.


Except now we have wall street involved.  The whores politicians ain't gonna let wall street collapse.  That would disrupt the line go up.

This is gonna be season 2 of BAILOUT!  Where the rich gamble and never lose, and the tax chuds always lose.  Too big to fail!
 
2022-12-04 1:34:04 PM  
Fark user imageView Full Size

Fark user imageView Full Size


/I will roast marshmallows on the fire of crypto
 
2022-12-04 1:34:19 PM  
Well my Facebook feeds A lot quieter about it that's a plus. So for the one guy that keeps posting it's a scam yes I get it.
 
2022-12-04 1:39:04 PM  

skybird659: Notice the shape of their hats?
[tse2.mm.bing.net image 303x180]


Fark user imageView Full Size
 
2022-12-04 1:39:19 PM  

skybird659: /how much did YOU lose?


Only whatever the mental defectives running my employer's retirement fund lost divided by the number of employees.
 
2022-12-04 1:41:09 PM  

Bondith: Klom Dark: Bondith: flappy_penguin: dnrtfa but i thought palantir was some creepy surveilance/data mining company?

It's folly to invest in Palantir with the Ithil-stone unaccounted for.

Did they ever find that missing one?

Pippin did, inadvertently.  Or at least he found out where it was.


That was the missing one?
 
2022-12-04 1:42:44 PM  

Pocket Ninja: Probably about as well as it's worked the other million times someone has correctly labeled the "crypto market" as exactly this.

The problem is that the people most invested in the crypto market, both financially and emotionally, are people who are also deeply, deeply invested in the idea that they are smarter than everyone else. Therefore, it's impossible, in their minds, that they could have ever been a sucker or a mark. They just need to stay firm in their resolve and it will all turn out fine in the end. This is, in fact, the one characteristic any con man looks for in any mark -- someone too prideful to believe they could ever be one.

It's actually not a problem, in this regard. At this point, after all the obvious warnings, it's more of an enjoyable bit of theater to watch from the side.


I cannot for the life of me remember which farker came up with the term, but it was the perfect summary akin to yours of crypto coins:

Dunning-Krugerrands
 
2022-12-04 1:45:45 PM  
And his purpose is revealed at the end of the article: He wants crypto to be regulated by the SEC, because he wants the US government to recognize crypto as a security, which will legitimize crypto forever for him and his investors.  I say keep the US the fark out of legitimizing crypto in any way shape or form except as an exotic collectible and have the Justice Dept on hand to arrest people for fraud.  That's the only recognition crypto deserves.
 
2022-12-04 1:48:07 PM  

Squid_for_Brains: So he's saying someone else is about to take the "money" and run, and therefore someone else is going to have to pony up. Again.


Nope. That's actually my favorite part of crypto.  They wanted unregulated and that's what they got. There is no one to pony up and cover this mess.
 
2022-12-04 1:49:14 PM  

skybird659: [YouTube video: Will & Grace: Told Ya So Dance.]


Elliot Reid - 'I Told You So' Dance Compilation
Youtube ZkncSajMaew
 
2022-12-04 1:55:04 PM  

deadsanta: And his purpose is revealed at the end of the article: He wants crypto to be regulated by the SEC, because he wants the US government to recognize crypto as a security, which will legitimize crypto forever for him and his investors.  I say keep the US the fark out of legitimizing crypto in any way shape or form except as an exotic collectible and have the Justice Dept on hand to arrest people for fraud.  That's the only recognition crypto deserves.


One of the ways securities are rated for risk is by looking at the PE (price to earning) ratio over time.  Lower is safer.  Trouble is, when you ask your computer to do this for crypto, it keeps coming back with:

Fark user imageView Full Size
 
2022-12-04 1:55:57 PM  
These farking dipshiats that feel this kind of currency is the future sure don't like learning lessons. Sure all these exchanges are ponzi schemes but crypto is still good?  fark that noise.
 
2022-12-04 1:59:02 PM  

jlee4677: I really don't know shiate about crypto but isn't it a string of binary numbers people find on the internet? If this is so doesn't someone have to create those binary numbers and what is the entity that creates the crypto to be mined?


Kind of. But you don't really "find" the numbers. You come up with them by completing extremely long mathematics computations. Then the answer which is a long string of numbers becomes a singular file. Said file is a virtual "coin" to exchange in the same way as currency.

The math problems become longer and more difficult to calculate with an eventual end to create a finite number of "coins". The idea being to mimic the mining of actual precious mental sun real life in how there is a finite amount available on earth.

The idea too was to create an untraceable alternative to hard currencies.

The problems though are twofold:
1. Since the currency is not backed by a physical object, it's worth is based entirely upon what someone is willing to pay for it. some coins allegedly based upon real-world commodities true to get around this, but the real driver of vale is investor fever. Aka FOMO.

2. The other idea to subvert real currencies was suppose le to be an untraceable factor for legal evasion; tax and criminal. Except you know, every coin for its own validity purposes created an endless chain of custody record which law enforcement discovered couldn't easily be laundered away.

Combine FOMO and criminal interest wearing off, and the value plummets.
 
2022-12-04 2:00:51 PM  
Did they get as far as selling puts and calls on crypto?
 
2022-12-04 2:01:02 PM  

Claude Ballse: jlee4677: I really don't know shiate about crypto but isn't it a string of binary numbers people find on the internet? If this is so doesn't someone have to create those binary numbers and what is the entity that creates the crypto to be mined?

Kind of. But you don't really "find" the numbers. You come up with them by completing extremely long mathematics computations. Then the answer which is a long string of numbers becomes a singular file. Said file is a virtual "coin" to exchange in the same way as currency.

The math problems become longer and more difficult to calculate with an eventual end to create a finite number of "coins". The idea being to mimic the mining of actual precious mental sun real life in how there is a finite amount available on earth.

The idea too was to create an untraceable alternative to hard currencies.

The problems though are twofold:
1. Since the currency is not backed by a physical object, it's worth is based entirely upon what someone is willing to pay for it. some coins allegedly based upon real-world commodities true to get around this, but the real driver of vale is investor fever. Aka FOMO.

2. The other idea to subvert real currencies was suppose le to be an untraceable factor for legal evasion; tax and criminal. Except you know, every coin for its own validity purposes created an endless chain of custody record which law enforcement discovered couldn't easily be laundered away.

Combine FOMO and criminal interest wearing off, and the value plummets.


Well that and the deflationary aspect (hilariously enough, they think this feature is a good thing) of crypto is easily removed with an edit to a few lines of code.
 
2022-12-04 2:08:47 PM  

lilbjorn: Pocket Ninja: Probably about as well as it's worked the other million times someone has correctly labeled the "crypto market" as exactly this.

The problem is that the people most invested in the crypto market, both financially and emotionally, are people who are also deeply, deeply invested in the idea that they are smarter than everyone else. Therefore, it's impossible, in their minds, that they could have ever been a sucker or a mark. They just need to stay firm in their resolve and it will all turn out fine in the end. This is, in fact, the one characteristic any con man looks for in any mark -- someone too prideful to believe they could ever be one.

It's actually not a problem, in this regard. At this point, after all the obvious warnings, it's more of an enjoyable bit of theater to watch from the side.

So a lot of MAGAts are about to lose even more money?


LOL. 100% projection complete.
 
2022-12-04 2:10:58 PM  
Good thing all my money is in gamestop.
 
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